Good morning. We want to find out how many banks and independent mortgage bankers in Wisconsin leave out the debt of non-participating spouses when qualifying borrowers for a mortgage. Fannie Mae, Freddie Mac, and other mortgage buyers do not require this debt to be included on the application, so it does not affect the borrower's debt-to-income ratio. Our bank does require it, which has put us at a disadvantage for several reasons.
Why do other lenders not require this? Many larger financial institutions, credit unions, and IMBs in Wisconsin also do not include this debt, so this practice is common across the state.
From Fannie Mae
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Steve Dobin
Director of Home Lending Products
Old National Bank
(763) 656-1669
steve.dobin@oldnational.com------------------------------